The Board of Directors of Gazprom, a Russian gas giant company, has approves an investment program, a budget and a cost reduction program for the year 2017, says the company’s press release following the results of the Board’s meeting.
“In accordance with the approved budget of Gazprom, an amount of financing of the investment program will total 910,67 billion rubles ($14,6 billion – editor’s note) in 2017. At the same time, 625,455 billion rubles are provided for major construction projects, 0,125 billion rubles – to acquire non-circulating assets in Gazprom’s ownership. A volume of long-range investments is 285,09 billion rubles,” the press release says.
The cost reduction program for the year 2017 envisages measures aimed at cost optimization, which are expected to produce an integrated effect of 12,24 billion rubles.
